The Influence Of Venture Capital Exert On Enterprise Technology Innovation

In the new economy,the ability of science and technology be quickly converted into real productivity of technological innovation become more important, technological innovation spurt occurred creating a large number of famous high-tech enterprises, the promotion of rapid economic growth. All kinds of theories and empirical data have emerged have shown that technological innovation is a key factor in promoting economic growth. Venture capital on the date of birth associated with high-tech industry and technological innovation, the successful hatching of a number such as the US Intel, Apple, Microsoft and China's Netease, Sina, Sohu and other high-tech enterprises. In this context, in order to enhance the core competitiveness, and promote high-tech industry development, promote economic growth, many countries have to develop venture capital, the "venture capital to promote technological innovation," as policy guidelines. Venture capital firms not only provide venture capital to start-ups, but also deep into its own resources and the ability to start the business management activities in order to thereby form a closely venture capital and entrepreneurial enterprises. In the venture capital industry developed the United States, active venture capital effectively improve the enterprise technological innovation and promote economic growth; then, in the late start of China venture capital, venture capital and technology innovation specifically show what kind of relationship?In this paper, from both theoretical and empirical aspects of the impact of venture capital on the enterprise technological innovation, and further study of venture capital participation, venture capital companies involved in the timing of the impact of technological innovation if there are differences. First, based on the theory of principal-agent theory, general equilibrium theory, corporate finance theory, from a theoretical point of view illustrates the relationship between Risk Investment and Enterprise Technology Innovation. Then by companies listed on GEM data to conduct empirical research, we found that of GEM companies venture-backed enterprise technology innovation capability significantly higher than non-venture-backed enterprise; but the impact of venture capital on the participation of enterprises' technological innovation is not clear; by further testing data can be drawn in the present stage of the GEM market, when venture capital start-ups involved in the stage on technological innovation and did not play a significant role. Finally, this paper empirical results from strengthening the dominant position of enterprise technological innovation, deepen the reform of the GEM market, safeguard the healthy development of the venture capital industry by improving the three aspects of investment risk has practical significance to guide policy.